TORONTO — Ontario’s Government is continuing their reform of the electricity system to reduce costs and drive efficiencies. Today, the government has made significant progress towards this by passing the Fixing the Hydro Mess Act, 2019.
“We are keeping our promise to clean up the hydro mess that we inherited from the previous government,” said Greg Rickford, Minister of Energy, Northern Development and Mines. “Our government’s plan protects what matters most by reducing costs, driving efficiencies, and lowering electricity rates for medium and large employers.”
The legislation and related regulatory initiatives would once fully implemented:
- Protect what matters most by finding savings of up to $442 million through refocusing and uploading certain electricity conservation programs to the Independent Electricity System Operator (IESO)
- Modernize the Ontario Energy Board to make the regulatory system more efficient and accountable while continuing to protect consumers
- Hold average residential electricity bill increases to the rate of inflation
- Take advantage of lower government borrowing costs by winding down Global Adjustment Refinancing
- Show the true costs of power on consumer electricity bills through a new transparent on-bill rebate.
“These changes will help create a modern, transparent, and accountable electricity system that works for the people of Ontario,” said Rickford. “We continue to find hundreds of millions in savings that help to keep rates low for large companies which allows them to invest in themselves, so they can create more good jobs, and reduce Ontario’s debt. We are also keeping residential hydro bills stable as we continue to work to lower electricity rates by 12 percent.”